Indicator programming assistance needed

#1
I use Metastock ver 10 and need assistance in developing an indicator and an explorer to catch the following.

1. consider the last 4 bars including the current bar
2. The last bar should have the lowest range(high-low)
and should have a lower high and higher low than the earlier bar(inside bar).
3. The indicator should help change the color or put an arrow on top of the bar.

This is needed as an indicator and an explorer to catch all the scrips meeting this condition and should work for all time frames(5 mins, 15 mins, 30 and 1 hour )

I am gratefull for this programming assistance.

Thanks,

Sri
 

AW10

Well-Known Member
#2
Hi Sri,
What u r looking for is known as IDNR4 pattern. ID = Inside day
NR 4 = Narrowest range of last 4 days (includeing today)

Col A:NR4 day ==> (High - Low) < Ref(LLV(H-L,3),-1)
This will take the range of each day i.e. (High - Low) and check that todays range is lowest (thru function LLV) of previous (thru function Ref) 3 days. If will put the value = 1 in Col A, if it finds the narrowest day today. Else it will put value = 0
Col B: Inside ==> High < Ref(High,-1) AND Low > Ref(Low,-1)
This will chk if todays bar is inside Previous days bar. If will put the value = 1 in Col B, if it finds the narrowest day today. Else it will put value = 0
Col C: High ==> High
Col D:Low ==> Low

Filter (ColA = 1 OR ColB = 1)


Hope this helps
 
#3
Thanks a ton AW10. This works well on EOD. Can this indicator be used for Intra day on hourly candles after necessary changes?. I find that this indicator gives a pretty good result most of the time, when the high/low are broken. I used to do a visual inspection of selected charts, but now thisone gives me alist of all the probable ones that i need to look at.

Thanks again. Let me know, if this can be done for Intra day on hourly

Sri
 

AW10

Well-Known Member
#4
IDNR setup is based on the fundamental concept of contraction and expansion of price in the market. In my opinion, Exp /contraction are not that effective on shorter timeframe i.e. 3min / 5min. You will see this on those charts as well but I have a feeling that if you backtest it over long period in the past, then u might not see more then 55% consistency rate on smaller timeframe. Success rate will be more consistent on higher timeframe i.e. 60 min / daily charts. For daily timeframe the consistency is above 80%.

It works pretty well on daily chart as many big players do make appearance on next day. On IDNR days, they are not so active in the market thats why market remains in small range. But when they return to market in next day or so, the market end up taking a well defined trend.

Happy Trading
 
#5
Thanks for your reply. I work on the 60 mins time frame but also constantly review the direction in 5 and 15 mins teimeframes to see, if it is the same across all 3.

I intent to use this on a 60 mins time frame. I use the RMO template for my trade and with this, it will help me to catch scrips that I probably not watching very regularly.
Thanks,

Sri
 

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